The Buck Won't Stop Here

Despite last week's rally, the dollar still appears to be stuck in a long-term downdraft.

Investors cheered the hint of the end of the Fed's bond-buying program last week by buying U.S. dollars. However, despite its short-term technical improvement, the greenback is still trapped in a multimonth range with a negative bias.

On January 2, the U.S. dollar index turned an intraday breakdown into a net gain for the day after the release of the Fed's meeting minutes. The board had discussed a possible early end to its bond-buying program. After all, the Fed's mission to put more money into circulation, a.k.a....